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A real estate expert believes the new mortgage rules that went into effect Monday will hit Alberta's market the hardest.; M2 o. a0 e! ]
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The changes are meant to make it tougher for buyers to qualify if they put less than 20 per cent down.
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Prior to today, an Alberta family with a household income of $80,000 would likely have qualified for a $400,000 home but now they will be approved for a $320,000 home.. s: x' E* k/ X4 e- s
. W0 ]" R5 Y4 ~9 m0 |First-time buyers, single-income earners take biggest hit with new mortgage rules
" f0 B( m- v, [0 o# v K+ c( J0 CCMHC to issue 1st 'red' warning on Canadian housing market
' v$ F) v8 b; u: c6 `! W; H! nMortgage specialist Peter Kinch says under the new rules, affected buyers have about 20 percent less purchasing power which will put a downward pressure on the Canadian real estate market but he says the impact will be even greater in Alberta, where the slumping economy is already hurting house sales and prices.
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+ i- I$ z1 t$ a) B/ F! e6 n( W"In a real estate market that's struggling to recover already, it could have a very negative impact on that market," Kinch said.& M8 x* l3 O$ f+ s, P
7 j; M2 L- \9 `* V/ f. `1 `2 xWait and see what happens* B, t* b: z3 x R, A
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Natalie Whitney and her young family say that's what they're banking on so they've just decided to put their house hunting on hold.1 }- e. R2 [7 v/ r4 ^7 L% q8 q
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"It could be advantageous for us to wait and just see what happens to the market in six months," she said.; J/ }5 M% M5 f8 B
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The Canada Mortgage and Housing Corp. issued its first ever "red" warning on Monday, referring to real estate affordability issues spreading beyond Vancouver and Toronto.& B7 Z- G" @5 ^) |2 Y7 C
* H. b9 M+ N: W) {3 ^"These factors will be reflected in our forthcoming Housing Market Assessment on Oct. 26. They will cause us to issue our first "red" warning for the Canadian housing market as a whole," CEO Evan Siddall wrote in a Globe and Mail column.. l, s% r! k% z5 F# [+ j
% _2 R$ D: b4 d" V5 dKinch says for buyers who can't wait, they'll either need to come up with a bigger down payment or lower their expectations about what they can afford. |
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发表于 2016-10-18 09:11
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